BidaskClub cut shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) from a sell rating to a strong sell rating in a research report sent to investors on Monday, July 31st.
Several other equities analysts have also commented on BDGE. Keefe, Bruyette & Woods restated a hold rating and set a $37.00 price target on shares of Bridge Bancorp in a research report on Wednesday, April 5th. Zacks Investment Research lowered shares of Bridge Bancorp from a hold rating to a sell rating in a research report on Wednesday, May 3rd.
Shares of Bridge Bancorp (BDGE) traded down 0.97% during mid-day trading on Monday, hitting $30.65. 52,539 shares of the stock traded hands. Bridge Bancorp has a 12-month low of $26.90 and a 12-month high of $38.95. The firm’s 50 day moving average price is $32.57 and its 200-day moving average price is $34.23. The stock has a market cap of $593.81 million, a P/E ratio of 16.04 and a beta of 0.80.
Bridge Bancorp (NASDAQ:BDGE) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.45 EPS for the quarter, missing the consensus estimate of $0.49 by $0.04. The firm had revenue of $35.30 million for the quarter, compared to the consensus estimate of $36.10 million. Bridge Bancorp had a return on equity of 8.82% and a net margin of 22.91%. Analysts predict that Bridge Bancorp will post $1.92 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 21st were given a $0.23 dividend. The ex-dividend date was Wednesday, July 19th. This represents a $0.92 dividend on an annualized basis and a yield of 3.00%. Bridge Bancorp’s dividend payout ratio is presently 47.92%.
In related news, Director Dennis A. Suskind sold 1,500 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $32.00, for a total value of $48,000.00. Following the completion of the transaction, the director now owns 79,550 shares in the company, valued at approximately $2,545,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dennis A. Suskind sold 1,000 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $32.50, for a total transaction of $32,500.00. Following the completion of the transaction, the director now owns 79,550 shares of the company’s stock, valued at approximately $2,585,375. The disclosure for this sale can be found here. In the last quarter, insiders purchased 113,234 shares of company stock valued at $3,815,829 and sold 374,232 shares valued at $12,648,705. Corporate insiders own 5.30% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of Bridge Bancorp by 20.4% in the fourth quarter. State Street Corp now owns 304,800 shares of the financial services provider’s stock worth $11,551,000 after buying an additional 51,688 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Bridge Bancorp by 19.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 254,097 shares of the financial services provider’s stock worth $9,630,000 after buying an additional 41,451 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Bridge Bancorp by 2.0% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,742 shares of the financial services provider’s stock worth $483,000 after buying an additional 251 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Bridge Bancorp during the fourth quarter worth $356,000. Finally, Teachers Advisors LLC increased its stake in shares of Bridge Bancorp by 8.2% in the fourth quarter. Teachers Advisors LLC now owns 28,862 shares of the financial services provider’s stock worth $1,094,000 after buying an additional 2,196 shares during the last quarter. Hedge funds and other institutional investors own 55.95% of the company’s stock.
About Bridge Bancorp
Bridge Bancorp, Inc is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank’s operations include its real estate investment trust subsidiary, Bridgehampton Community, Inc (BCI), a financial title insurance subsidiary, Bridge Abstract LLC (Bridge Abstract), and an investment services subsidiary, Bridge Financial Services LLC (Bridge Financial Services).
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